Complementary and Alternative Medicine Market To Grow At About 16.8% CAGR During Forecast Period
As per the report, the valuation of the global complementary and alternative medicine market in 2018 was around USD 55.2 billion and is projected to reach a value of about USD 163.3 billion by 2025, growing at about 16.8% CAGR between 2019 and 2025.
Treatments or Remedies that are utilized in place of conventional allopathic treatments are referred as complementary and alternative medicines. The different types of complementary and alternative medicines include Ayurveda, Reiki, chiropractic, yoga, and homeopathy. Thus, the growing incidence of cancer as well as other severe diseases across the globe is the key factor contributing to the growth of the global complementary and alternative medicine market. Also, meditation, yoga, acupuncture, complementary wellness treatments, and magnetic intervention are gaining huge recognition across developed nations. This can be credited to the huge reception of these alternative treatments among common people, further resulting in an increase in the number of spas, meditation centers, yoga studios, and complementary wellness facilities.
The rise in the elderly population, the surge in usage of traditional medicines & therapies, the rise in alertness regarding alternative medicines, and side-effects of allopathic medicines are key factors supporting the growth of the global complementary and alternative medicines market. As the mindfulness about the adverse impacts of allopathic medication is increasing, people are inclining to natural treatment modes. This is leading to the rise in need for alternative medicines and therapies, and market players are spending heavily in the development of efficient and new products to keep up with the demand.
The global complementary and alternative medicine market is bifurcated based on distribution channel, intervention, and region. The market, on the basis of intervention, is divided into botanicals, acupuncture, body, mind, & yoga, and magnetic intervention. In 2018, the botanicals intervention segment ruled the market on account of the rising rate of adoption. Botanicals segment is sub-divided into Ayurveda, homeopathy, and naturopathy. Likewise, the body, mind, and yoga intervention segment is further sub-categorized into chakra healing, yoga, hypnotherapy, energy healing, and meditation. The global complementary and alternative medicine market, on the basis of distribution channel market, is classified into distance correspondence, e-training, and direct contact. Among these, the direct sales distribution segment held the highest revenue contributor. This segmental growth can be credited to the fact that direct interaction is required with patients within the most commonly performed complementary and alternative therapies.
Regionally, during the forecast period, the global complementary and alternative medicine market is anticipated to be governed by North America owing to the presence of experienced professionals and elevated population with severe disorders. The second-biggest complementary and alternative medicine market expected to be Europe owing to the costly conventional medicines and flourishing medical tourism. Further, Asia Pacific is projected to hold biggest market share in near future on account of being the source of numerous medical techniques, elevated usage of health supplements, and easy obtainability of herbal supplements. Also, the Middle East, with rapid progress in the medical infrastructure and the rising spending in wellness and health, is anticipated to turn out a hub and the quickest expanding region within the complementary and alternative medicine market.
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The major players operating in the global complementary and alternative medicine market consist of Columbia Nutritional Inc., Pure Encapsulations, Inc., Herbal Hills, Nordic Naturals, Deepure Plus, Helio USA Inc, and Herb Pharm. Also, there are several wellness institutes, such as The Healing Company, Quantum Touch Inc., John Schumacher’s Unity Woods Yoga Center, Iyengar Yoga Institute, and Yoga Tree.
- CDN Newswire